E46Fanatics - View Single Post - Anyone own or know someone who owns a nail salon?
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Old 10-27-2012, 02:04 AM   #13
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Originally Posted by Ynot View Post
Not exactly a business you want to get into, very cutthroat, and there is one on every corner. To make money, you need to go somewhere where there is no competition, which is very hard. You have people who will work for you, save every penny and open a shop right next to you and will try to charge less. I have friends who had them, one had 11 salons and managed them. He sold them all, opened a liquor, wine store, and owns a lot of commercial real estate. It used to be extremely profitable but it's harder to make money these days. I still have a friend who owns a successfully salon but most of his clients are wealthy. He doesn't have to worry about competition, he charges a premium and provides premium service. His place has turned into a meeting hall for the wealthy stay at home moms.
I understand that and that's why location is very key. You not only need to be in the right location for the clients but also in the right location for the workers. She understands the operations side of business backwards and forwards since she ran a few locations in FL with her ex husband. She knows how to spot good employees, keep them motivated, the right pricing strategy, which services to offer customers, etc. I can provide the commercial real estate experience, lease negotiation, financing knowledge, accounting/tax side, and budgeting/forecasting skills.
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